CALGARY, June 26, 2017 /PRNewswire/ - PENN WEST
PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West" "or the
Company") is pleased to announce that our shareholders have
approved our name change to Obsidian Energy Ltd., effective
immediately. In conjunction with our name change, our stock symbol
will be replaced with "OBE" on both the Toronto Stock Exchange and
New York Stock Exchange, effective in the next 3 – 5 business
days. No action is required by shareholders with respect to
this change.
"We are pleased to recognize the last step in our
transformation with a name change to Obsidian Energy. As we start a
new chapter in our story, we will guide the Company on three
principles: disciplined technical and commercial decision-making to
build and protect enterprise value, relentless pursuit of progress
and innovation, and accountable and transparent efforts with our
shareholders, our partners and the communities in which we operate.
Obsidian Energy is well positioned with the right assets, a healthy
balance sheet and a prudent hedging strategy that will allow the
Company to set a standard for performance even in lower price
environments," commented David
French, President and Chief Executive Officer.
In addition to the name change, shareholders approved all
resolutions outlined in the Notice of 2017 Annual and
Special Meeting and Management Proxy Circular dated April 30, 2017 (the "Information Circular"),
which is available on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov, and on the Company website at www.pennwest.com, which
will in due course become www.obsidianenergy.com. See
below for further details.
1.
Appointment of Auditor
By resolution passed by show of hands, Ernst & Young
LLP, Chartered Accountants, was appointed as auditor of Penn West
for the ensuing year.
2.
Election of Directors
By resolutions passed by ballot vote, the following eight
nominees proposed by management were elected as directors of the
Company to hold office until the next annual meeting of
Shareholders or until their successors are elected or
appointed:
Name of Nominee
|
|
|
|
Votes For
|
Percent
|
Votes Withheld
|
Percent
|
George H. Brookman
|
171,547,614
|
95.44%
|
8,195,244
|
4.56%
|
John Brydson
|
172,677,487
|
96.07%
|
7,065,371
|
3.93%
|
Raymond D. Crossley
|
173,814,934
|
96.70%
|
5,927,924
|
3.30%
|
David L. French
|
172,488,980
|
95.96%
|
7,253,878
|
4.04%
|
William A. Friley
|
171,035,516
|
95.16%
|
8,707,342
|
4.84%
|
Richard L. George
|
169,110,161
|
94.08%
|
10,632,697
|
5.92%
|
Maureen Cormier Jackson
|
170,927,882
|
95.10%
|
8,814,976
|
4.90%
|
Jay W. Thornton
|
171,195,207
|
95.24%
|
8,547,651
|
4.76%
|
3. Non-Binding
Advisory Vote on the Corporation's Approach to Executive
Compensation
By resolution passed by ballot vote, an advisory resolution was
passed to approve the Company's approach to executive compensation
as outlined in the Information Circular. The results of the
ballot were as follows:
Votes
For
|
Votes
Against
|
Number
|
Percent
|
Number
|
Percent
|
168,359,816
|
93.66%
|
11,394,787
|
6.34%
|
4. Approval of
Amendment to Restricted Share Unit Plan
By resolution passed by ballot vote, the amendment to the
restricted share unit plan to become the restricted and performance
share unit plan was approved. The results of the ballot were
as follows:
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
169,112,614
|
94.08%
|
10,641,886
|
5.92%
|
5. Approval of
Name Change to Obsidian Energy Ltd.
By resolution passed by ballot vote, a special resolution was
approved to the amendment to the articles of Penn West to chance
the name to Obsidian Energy Ltd. The results of the ballot
were as follows:
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
278,070,022
|
92.91%
|
21,220,502
|
7.09%
|
6. Approval of
Reduction of Share Capital for Accounting Purposes
By resolution passed by ballot vote, the reduction of Penn
West's share capital for accounting purposes was approved.
The results of the ballot were as follows:
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
173,395,303
|
96.46%
|
6,359,201
|
3.54%
|
Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements") within the meaning of the
"safe harbour" provisions of applicable securities legislation. In
particular, this document contains forward-looking statements
pertaining to, without limitation, the following: that we will
guide the Company on three principles: disciplined
technical and commercial decision-making to build and protect
enterprise value, relentless pursuit of progress and innovation,
and accountable and transparent efforts with our shareholders, our
partners and the communities that we operate; that we are well
positioned with the right assets, a healthy balance sheet and a
prudent hedging strategy that will allow the Company to set a
standard for performance even in lower price environments.
With respect to forward-looking statements contained in
this document, we have made assumptions regarding, among other
things: that we do not dispose of any material producing
properties; our ability to execute our long-term plan and the
impact that the successful execution of such plan will have on our
Company and our shareholders; that the current commodity price and
foreign exchange environment will continue or improve; future
capital expenditure levels; future crude oil, natural gas liquids
and natural gas prices and differentials between light, medium and
heavy oil prices and Canadian, WTI and world oil and natural gas
prices; future crude oil, natural gas liquids and natural gas
production levels; future exchange rates and interest rates; future
debt levels; our ability to execute our capital programs as planned
without significant adverse impacts from various factors beyond our
control, including weather, infrastructure access and delays in
obtaining regulatory approvals and third party consents; our
ability to obtain equipment in a timely manner to carry out
development activities and the costs thereof; our ability to market
our oil and natural gas successfully to current and new customers;
our ability to obtain financing on acceptable terms, including our
ability to renew or replace our syndicated bank facility and our
ability to finance the repayment of our senior unsecured notes on
maturity; and our ability to add production and reserves through
our development and exploitation activities.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the forward-looking
statements contained herein will not be correct, which may cause
our actual performance and financial results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements.
The forward-looking statements contained in this document
speak only as of the date of this document. Except as expressly
required by applicable securities laws, we do not undertake any
obligation to publicly update any forward-looking statements. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
About Obsidian Energy
Obsidian Energy is an intermediate-sized oil and gas producer
with a well-balanced portfolio of high-quality assets based in
Western Canada. Obsidian Energy is
a company based on discipline, relentless passion for the work we
do, and resolute accountability to our shareholders, our partners
and the communities in which we operate.
SOURCE Penn West